As part of ISE’s ongoing commitment to remain a thought leader on the regulatory issues that will have a direct impact
on our business, we have published a proposal that outlines our recommendations for a new framework for the regulation
of financial markets and a clear roadmap for how these changes can be implemented.

Specifically, our proposal focuses on the regulation of Financial Industry Operations, or the function and oversight
of trading venues and their users. Three key tenets of our proposal include:

—Congress should create a new Financial Markets Commission (FMC) to oversee all U.S. financial markets and products.

—The new regulatory regime should create a level playing field for all trading venues, regardless of exchange status.

—Regulation should be proactive and risk-focused to promote efficiency and ensure comprehensiveness.